Luxury Timeshares-The Growing Popularity of Private Residence Clubs
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Travel & Leisure
Apr 18, 2007
Luxury Timeshares-The Growing Popularity of Private Residence Clubs
Private Residence Clubs are a unique variation on the concept of timeshare resort ownership. Growing by leaps and bounds, these clubs rely on the concept of fractional ownership, They provide increased amenities and services, compared to traditional timeshares, but at an increased cost. If you love luxury, they may be a good fit. A Private Residence Club, or PRC, as they are commonly know as, is vacation real estate that is both owned and operated by members. There is usually an average of 5-10 owners per unit, and each person owns a fraction of a club residence, in addition to the common areas and the facilities. PRC's differ from timeshare ownership in that timeshare owners usually have the rights to a specific week limited to a certain unit, although they may have exchange, or floating week privileges. Like timeshares, clubs are located in vacation areas in prestigious locations, with PRC's, the location may often be exclusive, which is a large part of the appeal. Private residence clubs have a certain cachet, and appeal to people who are looking to have a large section of time in a luxury home, but do not want to deal with the upkeep of owning a second vacation home on their own. PRC's and timeshares also differ with their facilities as well. Larger units, such as 3 or 4 bedrooms, are more typically found at clubs. Often, timeshare units tend to be a studio or a 1 bedroom. An increased level of services are also found at private residence clubs. Most clubs have a variety of concierge services, and offer perks such as year around storage areas, greens fee discount rates, free airport shuttle service, and more. Similar to a hotel, PRC's provide a level of personalized service and amenities that are not found at the majority of timeshare resorts. The increased luxury also comes at an increased cost. Private residence clubs have yearly maintenance fees that are often 8-10 times the cost of the average timeshare yearly maintenance fee. Most private residence clubs have limited financing by the developer, as the majority of the purchasers will have access to other sources of financing and are able to make a larger down payment than timeshare owners. PRC's provide many of the amenities of a vacation home with hotel-like luxury service. Owners enjoy more spacious units in more prestigious locations than the typical timeshare owner. A private residence club may be a good choice if you are looking to invest in a second vacation home, but want more amenities with less of a hassle. However, if you are looking for more of a bargain, you may want to stick with timeshares on the resale market, which tend to be much less expensive.
Amy Wells writes about money-saving vacations. Get the facts about buying timeshares and other timeshare information at: http://www.timeshare.yourtechtool.com.
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